Reliance Communications is in the process of hiring a bank to explore the sale of a majority stake in its tower subsidiary Reliance Infratel, The Economic Times reported.
Morgan Stanley, BofA Merrill Lynch and JM Financial are all reported to be in…
Reliance Communications is in the process of hiring a bank to explore the sale of a majority stake in its tower subsidiary Reliance Infratel, The Economic Times reported.
Morgan Stanley, BofA Merrill Lynch and JM Financial are all reported to be in the running to lead the sale.
The sale would allow Reliance to focus on its core operations and address its debt pile. The operator would prefer to sell its entire 96% holding in Infratel, but may accept offloading just 51%.
The unit was spun off from Reliance in 2007, and now holds 45,000 towers and 120,000km of fibre. The remaining 4% is held by investors including George Soros’ Quantum, NSR Partners, Galleon, HSBC Daisy Investment, Drawbridge Towers, and Investment Partners B.
Reliance is aiming to select a banker in the next two weeks and plans to sell the bulk of its shares before the end of the year, the report said.
Infratel is the third largest towerco in India behind Bharti Infratel and Indus Towers.
